The cost of buying a new home has hit another milestone, even as the speed at which prices are increasing slowed over the past year.

The Australian Bureau of Statistics (ABS) unveiled new figures this morning, revealing that the national average dwelling price has surpassed the $1 million mark for the very first time.

The report also indicated that the total value of all properties across Australia had climbed to $11.4 trillion during the March quarter. This represents an increase of $130.7 billion or a 1.2 percent rise since December.

Five years ago, that figure was sitting at just $7.3 trillion.

Although property prices continue to climb and appear to show no prospects of diminishing, especially with more interest rate cuts anticipated this year, the rate of increase is slower than what was observed at the same period last year.

“Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 per cent,” ABS head of finance statistics Dr Mish Tan said.

“This was down from 9.5 per cent in March quarter 2024.”

New South Wales, where the average home price is $1.25 million, remains Australia’s most expensive property market.

The average price in the ACT went backwards, falling slightly to $941,300, with Queensland $944,700 overtaking it to become the second-priciest market in the country.

“The national mean price of residential dwellings passed $1 million for the first time in the March quarter 2025, rising 0.7 per cent to $1,002,500,” Tan said.

“Western Australia, South Australia and Queensland were the main drivers of the rise, with Queensland reaching the second highest mean price in Australia, behind New South Wales.”

The Northern Territory ($517,700) remains the country’s least expensive market.